Undated handout photo of Rohit Mehta.Supplied
Horizons ETFs Management (Canada) Inc. has named a new chief executive officer to head one of the country’s largest exchange-traded fund providers, ending a four-month global executive search prompted by the abrupt departure of the company’s CEO.
On Tuesday, Horizons ETFs – a subsidiary of Seoul-based Mirae Asset Financial Group – announced industry veteran Rohit Mehta will take on the role of president, CEO and director of Horizons ETFs, effective May 1.
Mr. Mehta is currently the senior vice-president and head of distribution for Guardian retail asset management at Guardian Capital LP, where he will continue in his role until April 28. Over the past three years, he played an integral role in launching an ETF business for both retail and institutional investors at Guardian.
Prior to joining Guardian, Mr. Mehta spent five years in executive roles with CI Financial, which had acquired ETF provider First Asset, where he was president. During his time at CI, Mr. Mehta built the ETF business to just over $10-billion in assets, up from $3-billion.
“I see a significant opportunity to take a well-established Canadian leader and continue to grow it,” Mr. Mehta said in an interview with The Globe and Mail. “What Horizons is being able to accomplish in a Canadian marketplace as the fourth-largest ETF provider in Canada is very exciting. But it is also backed by Mirae – a $700-billion global organization – and I’m a big believer in partnerships and collaboration. In the world going forward, it is much more of a global landscape, and size and scale do matter.”
Mr. Mehta replaces former head Steve Hawkins, who unexpectedly announced his retirement as president and CEO of Horizons last November. Mr. Hawkins had been with the company for 15 years. He stayed with Horizons until the end of 2022 to help assist with the leadership transition to interim CEO Jasmit Bhandal, who is also Horizons’s chief operating officer. Ms. Bhandal will continue in her role of COO, as well as serving on the board of directors.
“Rohit brings extensive and diverse experience in the investment fund, wealth and asset management sectors, as well as a record of demonstrated success to Horizons ETFs,” Thomas Park, co-CEO of Mirae Asset Global Investments (USA), said in a statement.
With about $24-billion in assets in 107 funds, Horizons is Canada’s fourth-largest ETF provider. The company is well known by investors for its actively managed ETFs, a group of funds that is one of the largest in the country with about $4-billion in assets.
As well, the company has gained popularity with its BetaPro funds, a group of leveraged and inverse investment strategies aimed at more experienced investors.
“Today’s market headwinds mean Canadian advisers and investors need the commitment to product excellence, innovation and accessibility for which Horizons ETFs is renowned – a commitment that I share,” Mr. Mehta added.
In a statement, the company pointed to Mr. Mehta’s track record in product innovation as one of the key factors of his appointment, including helping develop Guardian Capital’s new set of retirement funds that partnered with finance expert Moshe Milevsky. (Guardian Capital has also been a long-time subadviser to several of Horizons’s ETFs.) Mr. Mehta also helped launch CI’s liquid alternative business, which are typically hedge-fund or private-equity strategies made available through a mutual fund.
“Today’s investment landscape is unlike any that we’ve seen before,” Young Kim, head of global business at Mirae Asset Global Investments, said in a statement. “Staying ahead requires a capable, experienced and talented executive team that is willing to push boundaries and drive product innovation to meet the unique needs of the modern investor.”